The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-07-15
WILL TIE BANK WIND UP
Movement by the Stockholders of
the Planters Savings Bank.

SAAOAAb ny VIC ELOCkHOlOcfS OF
the Planters Savings Bank.
AT Augusta Tuesday paper was being
circulated for signatures the object of
which was to wind up the business of the
Planters Loan and Savings Bank. The
lumor was corroborated, the stakeholder
stating that while the bank is perfectly
solvent, 1t IS not paying, and that the instf-
tuition can be wound up and tho stockhold-
ers get much more out of it than if they
continue to run it. The stock is quoted to-
Gay at fye, and 1t is believed that if closed
out IL will easily net six and half.
Inc following copy of an advertisement
explains itself:
STOCKHOLDERS MEETING oFTHE PLANTERS
LOAN AND SAVINGS BANK
1.-THE undersigned representing one-fourth
OF the capital stock of said bank, hereby
give notice that a convention of the stock
holders OF this corporation will be held at
lts banking house in the city of Augusta at
~ O'Clock a. M, OH Wednesday, July q,
1887. Business of great Importance will be
brought before the convention Leonard
Phlnzy, John jay Cohen, J. b. White, E.
f. Eerdery, Harper Bros. James Z. Harper,
Z. Il. Howard, ". II. Howard"
The Augusta Gazette Of yesterday has
the following on the SUBJECT: ''The publica-
lngs Bank necessarily disquieted many of
the stockholders and caused great deal of
alarm in town. The facts are these.
The gentlemen signing the notice calling a
convention of stockholders did SO on their
own responsibility and without notifying
the President or the cashier. True, these
gentlemen represent one-fourth of the cap
ital stock, but that did not authorize
them to coll the convention. Gentle
80
capital stock desiring to Gull a meeting
should notify the President, who will COM
ply with their request. In this case this was
not done. Not only 80, but sonle of the gen.
tlemen who signed the call stated that they
were under the impression that the card
was asking the President to call the conven-
tion, and were net at all aware that it was
for publication. The Gazette is in a posi-
ton to state that the bank is not only SOL
vent, but that if its affairs were wound up and
all the real estate sold, a handsome balance
would be left after paying its entire debts
Nodividend was paid this half year-the first
half year in the history Of the bank, now
seventeen years, that it failed to pay divi-
dend-but, as was remarked by good author
ity to the Gazette, business was very dull
during the last half year. The same
authority stated also that the expenses of
first half year are much greater than the ex-
penses of the last half The publication had
bad effect yesterday For the protection
of all parties interested the rule and by law
requiring sixty days time will be enforced
Much of the stock of the bank is invested
in real estate, and big
sum is out on loan, so that it would be i'm
possible for the bank to iquidate its debts
all at once, as it would be for any other
bank The President is confident that with
little time all will be right again and the
little incident created will soon blow over
One thing the stockholders and depositors
may rest assured of, that the banks position
is impregnable and that dollar for dollar
can be paid. The present lull in the bust
ness of the bank is the first in seventeen
years, and until this past half year the bank
was able to pay substantial dividend.n